Grab to launch physical and virtual prepaid cards | Digital Asia

Digital Asia News Update

Southeast Asia ride-hailing giant Grab has joined up with Mastercard to issue physical and virtual prepaid cards — a move that would likely boost adoption of its e-wallet GrabPay.

The virtual prepaid cards will be issued to users’ GrabPay wallet via the Grab app. The physical version will come enabled with both NFC and EMV chip technology; Grab said it will release details on how to apply for the physical cards when ready.

Both can be topped by cash through any of Grab’s 8 million ‘micro-entrepreneurs’, which include drivers, agents and merchants on the GrabPay platform. These micro-entrepreneurs will effectively serve as mobile ATMs.

The prepaid cards can be used at any merchant — both online or offline — as long as they accept Mastercard payments.

Also Read: WeChat Pay and Alipay to enter Indonesia via BNI

Grab said that this initiative will help the region’s 400 million unbanked consumers gain more access to e-payment options — part of its grand vision to become a WeChat-esque everyday app providing essential services.

Currently, GrabPay users in Philippines and Indonesia can already top up their mobile wallet using cash via Grab’s driver-partners. Additionally, in Indonesia, through a partnership with e-payment platform OVO, GrabPay users can top up their e-wallet via convenience store chain Alfamart and supermarket chain Hypermart.